(News Bulletin 247) – The share price of the oil giant has just set a new record on the Paris Stock Exchange, driven by the recent rise in black gold prices and the group’s latest announcements during its investors’ meeting on Wednesday afternoon. .

TotalEnergies has just brought down this Thursday in the first exchanges its record on the stock market to 63.40 euros which dates back to the session July 13, 2007. But taking into account the recent evolution of the prices of black gold, this record is more than 16 was increasingly within reach.

The oil giant’s stock is currently increasing by 2% to 64.23 euros after peaking at 64.55 euros around 9:20 a.m.

The context is favorable for the rise of the TotalEnergies price on the Paris Stock Exchange. The November contract on WTI listed in New York exceeded $95 per barrel overnight from Wednesday to Thursday, a first since July 2022.

The prices of the American oil benchmark were driven by the figures on oil reserves in the United States last week. Crude oil stocks fell by 2.2 million barrels, significantly above the 900,000 units anticipated by economists.

A successful investor day

Furthermore, the TotalEnergies file is supported by the latest announcements during its last investor day, Wednesday afternoon. The company said it plans to increase its share buybacks this year to $9 billion, beating analysts’ expectations. Beyond 2023, the group plans a payout ratio (dividends and share buybacks added) of around 40% of cash generation, compared to a previous objective of 35 to 40% in the medium term.

TotalEnergies also indicated that it expects its hydrocarbon production to increase by 2% to 3% per year in the next five years, to reach between 2.7 million and 2.9 million barrels of oil equivalent per day, with a large part of this growth which should come from LNG.

At the end of this day dedicated to investors, Royal Bank of Canada raised its price target to 70 euros compared to 65 euros previously.

The company “has done an excellent job in defining the company’s medium-term growth option, with additional cash generation to increase returns for shareholders”, appreciates the Canadian bank.

“Medium-term growth visibility remains a strong point, while growth itself appears diversified across TotalEnergies’ liquids, LNG and low-carbon businesses. The company appears well placed to benefit from a turbulent energy transition”, she explains.